RedCarpetUp

lendingother lending

FOUNDING YEAR: 2015
LOCATION: India
Last Update: 01/05/2020

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About

RedCarpet lends to customers in India to finance their online purchases such as e-commerce, travel, etc. It offers instant credit scoring and identity validation for consumer credit/loan requests using advanced AI. They are engaged in credit scoring and assessing the credit risk of individuals who have never had a prior banking or credit history. It is a YCombinator Summer 2015.

MEDICI Analysis

RedCarpet lends to customers in India to finance their online purchases such as e-commerce, travel, etc. It offers instant credit scoring and identity validation for consumer credit/loan requests using advanced AI. They are engaged in credit scoring and assessing the credit risk of individuals who have never had a prior banking or credit history. It is a YCombinator Summer 2015. RedCarpet.CASH is a microlending platform intended to expand the credit economy by providing loans without credit card and bank account details. The company's micro-lending platform helps consumers discover, earn, prepay, subscribe and trade rewards at local businesses enabling them to buy any product from any site and pay back in easy installments. It is a YCombinator Summer 2015 Startup.

Focus

PRODUCTS & SERVICES

EMI-based credit lending platform for students. RedCarpet App- it allows students to get instant credit for shopping online, from product purchase, travel, and bill payments to entertainment.

REVENUE MODEL

The company generates revenue on interest and fees from loans provided to customers

MAIN CLIENTS

Students

EXISTING PARTNERSHIPS

They have partnered with banks

e-commerce and other online service portals.

PRIMARY PROBLEM SOLVED

RedCarpet is a digital lender that lends to non-bureau, non-salaried customers, a large segment currently under-served by financial institutions. We are a fully cycle lender and we acquire customers, price, underwrite, disburse, collect and recover loans.

COMMENT

The company specializes in credit scoring and assessing the credit risk of individuals who have never had a prior banking or credit history. Instant credit and pay back in installment within 30 days with no interest or fees.

Traction

REVENUE

$100k - $499

TRANSACTIONS VALUE:

12 M

TRANSACTIONS COMMENT:

3% gross default rate ; 1.5% net defaults 80% ontime payments; 70% loans closed 40% repeat credit txns 30% monthly growth in credit demand

ACTIVE USERS:

3000

ACTIVE USERS COMMENT:

We have lent ~1.2 Cr to 3k+ students in the Delhi / NCR region.

TRACTION COMMENT:

It is currently present in 120 stores and claims to have a 6-fold revenue growth in the past four months.

People

FOUNDERS

Kartik Venkataraman

Sandeep Srinivasa

Abhay Tamaria

NUMBER OF EMPLOYEES

11-50

INVESTORS:

Aditi Sreenivasan

Amar Umap

Balaji Bhashyam

Justin Sullivan

Krishnaprem Bhatia

Lightspeed

Prafulla Krishna

Sanjay Suri; Justin Kan

Venture Partners

COMMENT:

We are strong team with founders having experience in payments, data science, technology,,funded by a marquee set of investors including Y-Combinator, Google,Lightspeed

Momentum

FUNDED

YES

TOTAL FUNDING

$6.51 M

DATE OF LAST FUNDING

Mar 2019

SEED & PRIOR FUNDING

$2.62 M

SEED CLOSED ON

Feb 2017

FUNDING SERIES

OTHERS  · $3.89 M · Mar 2019

PRIZE MONEY

$50 K

LISTED

NO

For Investors

FUNDING NEEDED:

$0.00

USES OF FUNDS RAISED:

1. None

MONTHS LEFT WITH CURRENT CASH BURN RATE:

24 months from 15 Mar, 2017

COMPETITORS:

---

BASICS

FOUNDING YEAR:

2015

LOCATION:

India

Views:

147 VISITORS | 267 VIEWS
LATEST FUNDING ROUND

$6.51 M

TOTAL EMPLOYEES
11-50

About

RedCarpet lends to customers in India to finance their online purchases such as e-commerce, travel, etc. It offers instant credit scoring and identity validation for consumer credit/loan requests using advanced AI. They are engaged in credit scoring and assessing the credit risk of individuals who have never had a prior banking or credit history. It is a YCombinator Summer 2015.

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

MEDICI Analysis

RedCarpet lends to customers in India to finance their online purchases such as e-commerce, travel, etc. It offers instant credit scoring and identity validation for consumer credit/loan requests using advanced AI. They are engaged in credit scoring and assessing the credit risk of individuals who have never had a prior banking or credit history. It is a YCombinator Summer 2015. RedCarpet.CASH is a microlending platform intended to expand the credit economy by providing loans without credit card and bank account details. The company's micro-lending platform helps consumers discover, earn, prepay, subscribe and trade rewards at local businesses enabling them to buy any product from any site and pay back in easy installments. It is a YCombinator Summer 2015 Startup.

Focus+
Momentum+
Traction+
People+
For Investors+
Other+

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RedCarpetUp

About

RedCarpet lends to customers in India to finance their online purchases such as e-commerce, travel, etc. It offers instant credit scoring and identity validation for consumer credit/loan requests using advanced AI. They are engaged in credit scoring and assessing the credit risk of individuals who have never had a prior banking or credit history. It is a YCombinator Summer 2015.

Focus

PRODUCTS & SERVICES

EMI-based credit lending platform for students. RedCarpet App- it allows students to get instant credit for shopping online, from product purchase, travel, and bill payments to entertainment.

REVENUE MODEL

The company generates revenue on interest and fees from loans provided to customers

TOP PROBLEM SOLVED

RedCarpet is a digital lender that lends to non-bureau, non-salaried customers, a large segment currently under-served by financial institutions. We are a fully cycle lender and we acquire customers, price, underwrite, disburse, collect and recover loans.

PRODUCT DEVELOPMENT STAGE

COMMERCIAL LAUNCH

KEY DIFFERENTIATORS

- acquisition - credit scoring - collection and recovery

PRIMARY CUSTOMER TYPE

Consumer

STRATEGIC CLIENTS AND PARTNERSHIP

NBFC : Lender on platform

People

FOUNDERS

Kartik Venkataraman

Sandeep Srinivasa

Abhay Tamaria

NUMBER OF EMPLOYEES

1-10

KEY EMPLOYEES:

CEO, FOUNDER: Kartik Venkataraman

CTO, FOUNDER: Sandeep Srinivasa

COO: Sandeep Srinivasa

FOUNDER: Abhay Tamaria

TEAM COMMENT:

We are strong team with founders having experience in payments, data science, technology,,funded by a marquee set of investors including Y-Combinator, Google,Lightspeed

INVESTORS:

Aditi Sreenivasan

Amar Umap

Balaji Bhashyam

Justin Sullivan

Krishnaprem Bhatia

Lightspeed

Prafulla Krishna

Sanjay Suri; Justin Kan

Venture Partners

Momentum

FUNDED

YES

TOTAL FUNDING:

$3 M

LISTED

NO

FUNDING SERIES